On March 2, 2020, Hallmark Financial announced that it was exiting its Binding Primary Commercial Auto business and reported a $63.8 million loss development for prior underwriting years. On March 3, 2020, Hallmark Financial’s shares fell $2.10 per share, over 14%, to close at $12.23 per share.

On March 11, 2020, Hallmark Financial disclosed that it had dismissed its independent auditor, BDO USA, LLP in connection with a disagreement regarding estimates for reserves for unpaid losses. Following this news, Hallmark Financial’s shares fell $2.39 per share, over 29%, to close at $5.71 per share on March 12, 2020.

Then, on March 17, 2020, Hallmark Financial filed a letter from BDO with the SEC in which BDO states: “BDO expanded significantly the scope of its audit on January 31, 2020, with respect to which a substantial portion of the requests had not been received and/or tested prior to our termination.”

If you are a member of the proposed Class, you may move the court no later than July 6, 2020 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing
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or by calling 646-315-9003.

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Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:

Donald R. HallKAPLAN FOX & KILSHEIMER LLP850 Third Avenue, 14th FloorNew York, New York 10022(646) 315-9003E-mail:
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